Once again, this question could have hundres of answers based on personal opinion. So here's mine...

BF Goodrich seems to have a great tire that is priced just as competitively as anyone else. The Mud Terrain works well offroad, but is a bit noisy and definitely doesn't handle like a street tire. I run them, and they are tuff as nails, even after you burn off a bunch of tread with some heavy gas pedal and can cut them up with improperly trimmed fenders. Everyone is raving about the BFG KM2s, but haven't heard anything about their pavement performance. You just can't go wrong with a set of BFGs.

I have also heard that the Toyo Open Country M/Ts have a decent road quality while performing well offroad.

Fourwheeler did a tire review and they were very impressed with the Trail Digger M/T by Hercules http://www.herculestire.com/hercules/pdfs/pg19_TrailDiggerMT-TerraTracMT.pdf, both on and off road. They said for how well it performed in the mud, it had surprisingly good ride on pavement. But, good luck finding a dealer that sells them, let alone has heard of them. If I can find them, they will be by next set.